YEREVAN. - Reform architect from Chile needs preliminary study to start working on Armenian private pension System. 

Founder of Chili private pension system, reform architect Jose Pinera is on a three-day visit to Armenia, upon Prime Minister Tigran Sargsyan’s invitation. 

Pinera joined Cabinet members at the discussion on pension system of Armenia. Georgian Minister of Labour, Healthcare and Social Protection Andria Urushadze was also present at the meeting.

Pinera said de does not have the blueprint of Armenian pension system. He marked that he needs to study the system, speak to experts of the field and discuss the procedure of reforms.

Pinera’s suggested pension reforms are implemented in 30 countries. The essence of his system is that each worker transfers 10 percent of his salary to his private account and subsequently receives his pension from the accumulated sum. This way a worker will not use a single penny of his salary and his accumulations will be replenished by 9 percent annually.

“This system is out of political and governmental processes.” marked Pinera.